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An Audit Report on the Certification of the Permanent School Fund’s Bond Guarantee Program for Fiscal Year 2017

February 2018

Summary Analysis

The State Auditor’s Office certifies that, for the fiscal year ended August 31, 2017, the amount of school district and charter district bonds guaranteed by the Permanent School Fund’s (Fund) Bond Guarantee Program (Program) was within the limits applicable to the Program. In addition, the Fund had sufficient capacity to meet the State Board of Education’s (Board) requirement to hold no less than 5 percent of the total guarantee capacity in reserve for the same time period.

As of August 31, 2017, the total principal of the 3,293 outstanding bond issues guaranteed by the Program was $74.3 billion, which included $72.9 billion for school districts and $1.4 billion for charter districts.

As of August 31, 2017, the Program could guarantee an additional $31.7 billion in bonds before reaching the limit imposed by Board rules and statute, net of its $5.6 billion reserve. The final remaining capacity is equal to 28 percent of the Program’s statutory capacity.

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